Maine § 1024. - When property is partnership property
Full text of Maine Maine Revised Statutes § 1024. — When property is partnership property, with citation guidance and answers to common questions.
§ 1024.. When property is partnership property
1. Partnership property. Property is partnership property if acquired in the name of:
A. The partnership; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. One or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership. [PL 2005, c. 543, Pt. A, §2 (NEW).]
2. Property acquired by partnership. Property is acquired in the name of the partnership by a transfer to:
A. The partnership in its name; or [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property. [PL 2005, c. 543, Pt. A, §2 (NEW).]
3. Presumed to be partnership property. Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership.
4. Presumed to be separate property. Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.
Frequently Asked Questions About Maine § 1024.
What does Maine Revised Statutes § 1024. cover?
Section 1024. ("When property is partnership property") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1024.?
A common citation format is "Maine Revised Statutes § 1024." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1024. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.